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Tag Archives: cyber crime coverage

Virtual Reality: A Risk Management Tool?

As technology continues to evolve for the better, industries are using it to their benefit. The newest craze is the idea of using the virtual reality seen in video games, as tools for the insurance field. It’s also important to protect your business with New York Cyber Liability Insurance. There are a few ways the insurance world can use virtual reality to reduce costs and protect employees. According to an article in Workers’ Compensation Institute, using virtual reality can prevent workplace injuries in warehouses when it comes to using forklifts. Tactus Technologies have built a virtual reality training program for forklifts that will allow operators to practice with a video-feed-like gaming system in the typical environments they work in. the program is called 3D Forklift Trainer and is meant to be interactive and puts aside the passiveness of classroom-based lecture training. This virtual reality program provides a risk control element that enables you to look at possible hazards and how to handle them before the real deal. While preventing injuries, it’s also cost efficient for insurance companies. Insurers won’t have to spend the money to send their employees to different locations to train and will be able to hire more staff without the fear of extra costs for training. The idea of virtual reality seems to have a lot of benefits as a risk management tool. As mentioned before, this program is representative of how innovative technology is becoming and how industries like insurers can use it to their advantage. At A.J. Benet, Inc. Insurance, we understand the harm cyber crimes can have on your business and that’s why we take the time to review exposures including cyber attacks, data breaches, and privacy risks. We are also proud to say that we offer cyber policies that provide first and third party coverage for security and data breach events. For more information on how we can provide you with your insurance needs, call us today at 888.639.4560.

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NY Cyber Liability Insurance: Identity Theft

NY Cyber Liability Insurance: Identity Theft  According to both the FTC and FBI cybercrime is a rising concern across the country. In 2013 over 290,000 cases of identity theft were reported to the FTC, the majority of those instances involved digital storage, usage and transmission of private data. That number represents cases officially filed with the FTC, not handled through private financial institutions or other means. The FTC estimates that millions more cases transpire each year costing consumers and businesses millions. The Bureau of Justice Statistics approximates that 16.6 million people, 7% of individuals over the age of 16, are victims of identity theft a year. Yet only about 10% of victims report these events to law enforcement while the vast majority alerted their financial agency where the incident took place. Unauthorized uses of credit card and bank account data account for roughly 92% of all fraudulent instances. The total financial losses in 2012 were $24.7 billion, which is more than any other property crime. Cybercrime and identity theft can arise in any industry utilizing digital methods of storing customer data, conducting online transactions, and many other instances. Consumers can no longer be held solely accountable for the protection and storage of their personal data. Data breaches and unauthorized use of data can occur across-the-board posing a risk to every business throughout all industries. Keeping your business safe is as important as protecting you customers, and having the right NY cyber liability insurance can help. While certain sectors have a higher risk of exposure to cyber liability, but no business is really immune to the risk of cyber liability in today’s digital environment. At A. J. Benet, we work with organizations to review their exposures by focusing on where cyber breeches could arise. Exposures could include cyber-attacks, data breaches and privacy risks. Our Cyber Liability and Crime coverage can be valuable addition to our New York Business Insurance policies and help protect your company. Contact us at (888) 639-4560 for more information about making sure your company is aptly covered.

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